Richmond bank wants naming rights for Raleigh Convention Center

Atlantic Union Bank, a Richmond bank expanding in the Triangle, is bidding for the naming rights of the Raleigh Convention Center.

Why it matters: The Raleigh City Council will hold a public hearing about it June 16, which could net the city more than half a million dollars annually for at least 15 years.

Zoom in: The convention center's new name would be Atlantic Union Bank Convention Center if the agreement is approved.

• Under the proposed deal, Atlantic Union Bank would keep the naming rights for 15 years, with a chance for two five-year extensions.
• The proposed annual fee would be $525,000, with a 2% increase tacked on every year.